XRP/USD Price Is Under Bullish Pressure, Targeting $0.25 Level

XRP/USD Price Is Under Bullish Pressure, Targeting $0.25 Level

XRP/USD Market October 18

The breakup of the $0.25 level may push up the price to $0.27 and $0.29 price level. The inability to break up the near resistance level may make the price to commence ranging movement within $0.25 and $0.23.

Key Levels:

Resistance levels: $0.25, $0.27, $0.29

Support levels: $0.23, $0.22, $0.21

 

XRP/USD Long-term Trend: Bullish

The resistance level of $0.25 holds the price and it could not penetrate the level. On October 14, a big bearish candle formed that engulfs previous candles; it is an indication that the bears are taken over. The bearish momentum increases and pushed down XRPUSD to the support level of $0.23. The price consolidates for two days.

XRPUSD, Daily chart, October 19

Today, it seems the bulls defend the support level of $0.23; this is seen on the daily chart with the formation of a daily strong bullish candle that breaks up the two EMAs. The price is increasing towards the resistance level of $0.25. The breakup of the $0.25 level may push up the price to $0.27 and $0.29 price level. The inability to break up the near resistance level may make the price to commence ranging movement within $0.25 and $0.23. However, the demand levels below the $0.23 are $0.22 and $0.21. The relative index period 14 is at 50 levels pointing up to indicate a strong buy signal.

XRP/USD medium-term Trend: Bullish

XRPUSD is bullish on the 4-hour chart. The bullish momentum could not penetrate the resistance level at $0.25. The bears took over the market and the price decline to found support at the $0.23 price level. Bearish pressure became weak and the bulls seize the opportunity to gather momentum and push up the price.

XRPUSD 4 hour chart, October 19

At the moment, the price is trading above the 9 periods EMA and the 21 periods EMA and the price is increasing towards the $0.25 price level. The relative strength index period 14 is pointing up at 60 levels which connotes a buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.